TORONTO, May 9, 2014 /CNW/ - The Ontario Liberals are driving manufacturers from the province with failed energy policies and costly hydro rates.
Citing sky-high hydro prices, Magna CEO Don Walker says the auto parts manufacturer will make no new investments in Canada.
"I'm worried about electricity prices in Ontario, where all of our plants are located," said Walker. (http://goo.gl/Sl267n)
According to the Association of Major Power Consumers of Ontario, industrial customers pay approximately $85 per megawatt hour in Ontario when all components of the price of electricity is included. More than double the $40 average paid in neighbouring provinces Manitoba, Quebec and the state of Michigan, according to a report from June 2013.
Ian Howcroft, Canadian Manufacturers and Exporters Ontario, echoed the Association of Major Power Consumers, saying that energy rates are a major consideration for companies considering investment in Ontario, and this was hurting the manufacturing sector, saying "It could be the straw that broke the investment camel's back." (http://bit.ly/1jFHSpA)
Public data from Manitoba Hydro shows that a manufacturer in Ontario will pay rates that are two times higher than in neighbouring Manitoba and Quebec. (http://bit.ly/1gdCXYr)
New Democrats have a plan to get hydro bills under control by ending the billion dollar subsidy for exported electricity, eliminating waste in the system by combining Ontario's four hydro agencies and capping CEO salaries, and having Ontario's Auditor-General review private power contracts.
SOURCE: New Democratic Party of Ontario
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